Italy To Become Hungary’s Third Largest Business Partner

Italy will become Hungary’s third largest business partner this year, after Germany and Austria, with projected trade turnover of 10 billion euros, the Italian ambassador in Hungary said on Tuesday.

There are around 2,500 Italian companies in Hungary and relations are planned to be further developed, including in education and culture, in the next few years, Massimo Rustico told a press conference held on the first Italian business day in Debrecen in northeast Hungary. Hungarian exports to Italy totalled 4.5 billion euros last year and imports from Italy were 4 billion euros.

Hungary’s surplus resulted mostly from vehicle exports, he said. Debrecen Mayor László Papp said Italian companies already operate in the city but further investors are welcome. Potential partner companies from Debrecen plan to participate in the first Italian-Hungarian business forum to be held in Milan and they will also attend a business forum in Turin.

They are also looking for projects that could be implemented jointly by Hungarian and Italian companies using European Union funds. The modern museum of Debrecen plans to present a large-scale contemporary Italian exhibition next year or in 2019, Papp said.